British Prime Minister Boris Johnson has resigned after a string of cabinet resignations.
He will step down as leader of the Conservative Party but remain as caretaker Prime Minister until a new leader is chosen.
"It is clearly now the will of the parliamentary Conservative Party that there should be a new leader of that party and therefore a new prime minister," Mr Johnson said from outside the front of Number 10 Downing Street.
"I've agreed with Sir Graham Brady, the chairman of our backbench MPs, that the process of choosing that new leader should begin now and the timetable will be announced next week.
"And I've today appointed a cabinet to serve, as I will, until the new leader is in place."
Mr Johnson could remain as caretaker Prime Minister for several months, until a new leader is chosen before the party conference in October.
He thanked those who voted for him and his party in the 2019 general election, which delivered the Conservatives the biggest majority since Margaret Thatcher in 1987.
"The reason I have fought so hard in the last few days to continue to deliver that mandate in person was not just because I wanted to do so, but because I felt it was my job, my duty, my obligation to you to continue to do what we promised in 2019," he said.
Mr Johnson also expressed regret that he could not stay on as prime minister to see out a full five-year term.
"And my friends, in politics, no-one is remotely indispensable."
His resignation comes after at least 59 government ministers quit and several of the Prime Minister's own cabinet members — including newly appointed Chancellor of the Exchequer Nadhim Zahawi — said Mr Johnson must "go now" for the good of the country.
Defence Secretary Ben Wallace had also called on Mr Johnson to quit but said he would stay in his role to protect national security.
Mr Zahawi — who was appointed by Mr Johnson to his role on Tuesday night — told the Prime Minister that staying in power was "not sustainable" for the country.
"Prime Minister, this is not sustainable and it will only get worse: for you, for the Conservative Party and, most importantly, of all the country," he wrote.
Mr Johnson had been embroiled in several scandals during his time as PM including, most recently, questions over his handling of a sexual misconduct complaint against a senior official he appointed to a role in his government.
On Tuesday, his government was rocked by the resignations of chancellor of the exchequer Rishi Sunak and health secretary Sajid Javid, who announced their decisions as Mr Johnson was apologising for the appointment.
Both had formerly publicly supported Mr Johnson during months of scandal over his government's conduct and a damning report into parties at his Downing Street office and residence that broke strict COVID-19 lockdown rules.
Their resignations came just a month after Mr Johnson survived a no-confidence vote from Conservative MPs, and triggered a landslide of further resignations.
Calls to replace Johnson immediately
It is a huge fall from grace for Mr Johnson, who was elected in a landslide victory in December 2019, delivering the Conservative Party its largest majority since Margaret Thatcher's win in 1987.
Opposition Leader Sir Keir Starmer said Mr Johnson's resignation was "good news for the country", adding that the Conservatives had "inflicted chaos upon the country" during the cost-of-living crisis.
But Mr Johnson is facing a battle to remain in the caretaker role until a new leader is chosen, with opposition parties and even some within the Conservative Party calling on him to be replaced immediately.
Mr Starmer said Mr Johnson should step down immediately, and if he did not, the Labour Party would table a motion of no confidence in the government which Liberal Democrats leader Sir Ed Davey said his party would also support.
"If they don't get rid of him, then Labour will step up in the national interest and bring a vote of no confidence because we can't go on with this Prime Minister clinging on for months and months to come."
But of more concern to Mr Johnson will be the calls from within his own party to not linger in the role.
Business and Energy Secretary Kwasi Kwarteng said it was imperative that a new prime minister was found as "soon as practicable".
Mr Kwarteng, the Member for Spelthorne, said Britain needed a leader who could "heal the country" after almost three years of Mr Johnson as Prime Minister.
Former prime minister John Major, a long-term critic of Mr Johnson, said he must go now "for the overall wellbeing of the country".
Dominic Raab, the Deputy Prime Minister, has been singled out as an interim replacement for Mr Johnson, although he has ruled himself out of running for the role of party leader.
A YouGov poll released on Thursday showed that Ben Wallace was the favourite among Conservative Party members to be the next party leader.
News of Mr Johnson's imminent resignation helped push Britain's FTSE 250 index to a one-week high as the pound strengthened, rising by 0.8 per cent in morning trade.
